SEC targets financial inclusion by 2030, warns on inequality

Barbara Bako, Abuja.

The Securities and Exchange Commission (SEC) has sounded a strong warning that Nigeria must act swiftly to deepen financial inclusion through targeted investments by 2030—or risk exacerbating inequality and economic instability...

Speaking at the United Capital Asset Management Investment Forum held in Lagos, SEC Director-General Dr. Emomotimi Agama emphasized the urgent need to convert Nigeria’s youthful population into a demographic advantage by actively involving more citizens in the capital market.

In his keynote address titled “Advancing Financial Inclusion through Investments: Bridging Nigeria’s Knowledge and Wealth Gap,” Agama described financial inclusion as a national imperative.

“Our theme, Advancing Financial Inclusion through Investments, is not aspirational; it is foundational to national survival.”

“We stand at a pivotal moment. By 2030, Nigeria can either harness its demographic dividend or face deepening inequality. The knowledge-wealth gap is not merely an economic challenge; it is a moral imperative,” Agama said.

Dr. Agama argued that financial inclusion should go beyond access to services and instead focus on empowerment, education, and transformation—what he termed active financial involvement.

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According to him, closing the gender gap in access to financial tools could lift over 700,000 Nigerians out of poverty.

He decried the low level of participation in Nigeria’s capital market despite the country’s large population, noting that economic disengagement from capital opportunities is a driver of poverty.

He said, “Nigeria has a great population yet we have a tiny drop of this number of persons involved in the capital market. Thats one reason for poverty, because we are running from money. We have to do something. Our market capitalisation is an opportunity to do something.”

“We need to change the narrative and move the market forward. We must reach out to make the difference. We are committed to protecting investors and developing the market. Our goal is to do the right thing no matter whose ox is gored. We will work by the principles of fairness and equity to change the market. We will provide a fair ground for everyone to aspire,” he added.

Agama cited the success of MTN Nigeria’s share offering, which brought in over 150,000 new retail investors—75 percent of them women and 85 percent under the age of 40—as a model for inclusive investment strategies.

He outlined SEC’s commitment to investor protection, transparent reforms, and inclusive growth of the financial market. He also underscored the need for greater collaboration between public and private institutions, including partnerships with development banks to support women-led businesses and de-risk lending.

Agama also recommended a four-pillar strategy for bridging the gaps.

He listed the four-pillar strategy as democratisation of financial knowledge, catalyse MSME Investment Channels, blended Finance Vehicles: Partner with Bank of Industry (BOI) to de-risk loans for women-led SMEs.

“We need to educate people about finances. As we drive this market, we do so for a purpose, I enjoin everyone to be the disciple and the apostles. Getting this market to move is a deliberate action” He added.